3 Things to remember about a UPI money transfer app

1. 3 Things to remember about a UPI money transfer app

2. UPI (Unified Payments Interface) is a type of payment system in which money transfers can be completed in a matter of seconds. This system which entered the market in 2016, changed the way the banking sector worked. When you have a UPI money transfer app, you don’t even have to visit the bank physically. All you need is a smartphone which is connected to the internet. While they have been around since 2016, these banking apps gained a huge boost when the pandemic forced people to adapt to working from home. As stay-at-home orders became common, people started using banking apps as they did not have to visit the bank physically to carry out business. Very convenient to use, there are certain things you need to remember about a UPI money transfer app:

3. Open an account: • One of the basic things you can use a UPI money transfer app for, is to open your savings account. Doing this was very different in the pre-digitisation era. You had to visit the bank physically to open the account. But, nowadays, thanks to the internet, you can open a web browser and type “open bank account app” and you get a list of banking apps. To use one of them, open the play store and install the app of your preferred bank. Once it is installed, open the banking app and click on the option to open an account. You have to fill out the form and once that is done, submit the soft copy of your government-issued documents. You have to submit documents so that the bank can verify the information you provided.

4. 2. Use it for all kinds of Payments: • Another thing you can use a banking app for is to make payments regardless of the price. Be it something that costs ₹1000 or ₹10. It is a popular misconception that a UPI money transfer app cannot be used for something affordable, the truth is that it very well can be. Just imagine this scenario. You are in a general store and you select an edible that costs ₹15. Instead of struggling to acquire the cash, which many people don’t prefer nowadays as the pandemic is still raging, you can take out your phone and scan the QR code. After scanning the QR code, you can pay ₹15 to the shopkeeper.

5. 3. You can enjoy more than one kind of payment option: • Before the digital revolution of the early aughts, you had to visit the bank physically, fill out the paying slip, deposit the cash or cheque and wait for the money to be debited from your account and deposited into another account. But thanks to the UPI money transfer app, you can avail different kinds of payment options such as NEFT and RTGS money transfer. In the case of NEFT, your money is debited in a few hours, conversely, with RTGS (real-time gross settlement) the money is debited instantly. • Other than the three above, there are several other things you need to remember about a UPI money transfer app. In case you have questions, please contact a bank of your preference as soon as possible.